1
The bulls showed their dominance and continued to surge on the weekly time frame.
2
Nvidia stock price has shown weakness in previous sessions, taking support on the 50 EMA.
Nvidia stock is facing resistance at the level of $501.94 and has taken support from the 50 EMA in the one-day time frame. This indicates some weakness in the short term. However, the stock is still bullish on the weekly time frame, as it has maintained above the key moving averages. The stock could have a strong rally if it breaks above the neckline at $501. This would confirm a bullish continuation pattern.
Likewise, the stock retested the demand zone near $455, finding support multiple times, and rebounded. Buyers have to gain momentum to make the $500 mark in the following sessions.
The chart structure showed a roller coaster move in the previous weeks and was rejected multiple times from the supply range of $500. Moreover, the lower levels near $450 acted as a support region,
We współpracy z: https://www.thecoinrepublic.com/2023/09/09/nvidia-stock-correction-in-nvda-stock-is-it-overbought/
